Belgians take over Cash Converters

Belgians take over Cash Converters

The Belgian branch of Cash Converters has been bought by a number of shareholders. The new owners also take over thirteen franchise stores.

 

Under own management

Cash Converters Belgium, until now a master franchise of the Australian parent group, has been taken over by a group of private shareholders. Benoit Ghiot, the former financial director of D’Ieteren and current CEO of Alcopa, will become chairman of the second-hand store chain and represent the new shareholders.

 

Kevin Kaeses will remain in charge of Cash Converters in Belgium, and will also be in charge of thirteen stores under the chain's own management. These are former franchise stores that the group now converts, which means that the chain now consists of a mixed network of 13 own stores and 21 franchise stores.

 

It is now the intention to expand further on the Belgian market, Kaeses says: "The 34 Belgian Cash Converter stores are already doing very well, with sales growth of 5 % since the beginning of the year. Along with the new shareholders, we will be able to strengthen this dynamic even further." Last year, Cash Converters reached 1.4 million Belgian customers, who bought and sold more than two million articles.